Retainage is recorded on the balance sheet. The contractor, to whom the retainage is owed, records retainage as an asset. The client, who owes retainage to the contractor records retainage as a liability. Retainage receivable accounts have a normal debit balance; retainage payable accounts have a normal credit balance.
[debit] cashcredit accounts receivable
debit cashcredit accounts receivable
debit cashcredit accounts receivable
Debit bad debtsCredit accounts receivable
debit cash / bankcredit accounts receivable
[debit] cashcredit accounts receivable
debit cashcredit accounts receivable
debit cashcredit accounts receivable
Debit bad debtsCredit accounts receivable
debit cash / bankcredit accounts receivable
Debit accounts receivable / cash / bankCredit sales revenue
[Debit] Cash / bank xxxx [Credit] Accounts receivable xxxx
[Debit] Revenue receivable [Credit] Accrued revenue
Dr. Interest Receivable Cr. Interest Income When Collected. Dr. Cash in Bank Cr. Interest Receivable
[Debit] Interest Receivable [Credit] Interest Income
Dr. Interest Receivable Cr. Interest Income When Collected. Dr. Cash in Bank Cr. Interest Receivable
[Debit] Accrued interest income [Credit] Notes payable